newstag
Vedanta gets thumps up from shareholder's to raise bid for HZL, Balco
   

Shareholders of mining conglomerate Vedanta Resources on recently approved proposals to empower the company to raise offers for acquiring remaining government stake in Hindustan Zinc and Balco by up to 43 percent or up to Rs 24,663 crore.
The approval was given by an overwhelming majority as over 92 percent voters supported the resolutions, the company said in a filing to the London Stock Exchange. Vedanta at present holds 64.92 percent stake in Hindustan Zinc Ltd (HZL) and 51 percent stake in Bharat Aluminium Company (Balco). The company in January 2012 had proposed to acquire the government's remaining stake in the two erstwhile PSUs for about Rs 17,275 crore. After shareholders approval, Vedanta Board is now empowered to make an offer of up to Rs 21,636.56 crore for the remaining government stake in Hindustan Zinc. For Balco, the offer can be upto Rs 3,026.14 crore. According to pti taken together, the total becomes Rs 24,662.68 crore, which is a premium of nearly 43 percent from January, 2012 offer. In its notice to shareholders, Vedanta had sought to empower its Board to increase the offers up to rupee equivalent of USD 3.969 billion for increasing stakes in the two firms.
It had also clarified that the two deals are separate. "The company is seeking approval from shareholders for the (Vedanta) Group to be able to acquire all or any part of the Government of India's interest in Hindustan Zinc and Balco. The aggregate rupee consideration that the group will be authorised to pay. Not exceeds the rupee equivalent of USD 3,482 million," company Chairman Anil Agarwal had said in the communiqué to the shareholders. For Bharat Aluminium Company's (Balco) 49 percent stake, Vedanta had sought permission for raising the offer up till USD 487 million. Vedanta has taken Rs 62.1383 per dollar for conversion of the offer as it said that the two stake sale is expected to happen in rupee. The company, however, had clarified to shareholders that Indian Government has not accepted its January, 2012 offer and there is no guarantee that the Indian government will be selling its entire or pat of the stake to Vedanta.
Government has also maintained that it has not received any new offer from Vedanta for acquiring the residual stakes in Hindustan Zinc Ltd (HZL) and Balco. The government holds 29.5 percent stake in Hindustan Zinc Ltd (HZL) and 49 percent stake in Balco. Majority stakes in the two erstwhile PSUs were sold to Vedanta group during 2001-2003.

Sterlite Copper gets commendation for strong commitment towards HR excellence
    Sterlite Copper has received the commendation of Confederation of Indian Industry (CII) for its strong commitment towards HR excellence. The award was presented to Sterlite Copper in the 4th CII National HR Excellence Award 2013 programme held at New Delhi recently.
On behalf of Sterlite Copper, Mr. Suresh Bose, Head - Human Resources received the award from Mr. Anil Sachdev, Founder and Chief Executive Officer, The School of Inspired Leadership, Mr. H. M. Nerurkar, Managing Director, Tata Steel and Mr. Ashank Desai, Co-founder, Mastek Limited in the presence of Mr. Jitin Prasada, Minister of State, Human Resource Development.
Exuberant exhibition of leadership by the Senior Management, concentrated focus on improvement in policies and procedures in turn enhancing the career experience at Sterlite, constant engagement with employees at timely intervals and continual improvement in HR processes and practices scaling up to the market requirements are some of the key contributing factors to the success of Sterlite Copper in this award process.
CII has been recognizing organizations in certain key fields and it had institutionalized the National HR Excellence Awards in the year 2009-10. As per the CII HR Excellence Model, the assessment involved sharing of data in the form of the application document and site audit.Companies including Essar Steel, Mahindra & Mahindra, Bharat Petroleum Corporate Ltd, Steel Authority of India, Aegis Limited, Vedanta Aluminium Limited, Hindustan Zinc Limited, JK Industries also participated in the event.
China is world's largest importer of non-ferrous metals scrap
   

China's output of secondary non-ferrous metals, those recycled from scrap metals, rose 3.67 percent year on year in 2012 to exceed 10 million tonnes, almost one-third of its output of primary non-ferrous metals, an industry association said recently.
In 2012, a total of 6.6 million tonnes of domestic scrap aluminum, copper, zinc and lead, the four major types of non-ferrous metals, were recycled, up 5.09 percent year on year, the recycling metal arm of the China Non-ferrous Metals Industry Association told at press conference.
The association also said China has become the world's largest importer of scrap non-ferrous metals. From 2002 to 2012, the efforts of Chinese non-ferrous metal recyclers were equal to a saving of 139 million tonnes of standard coal and 12.3 billion cubic meters of water that would have been consumed in producing the same output of primary non-ferrous metals, the association said.
Wang Jiwei, vice president of its recycling metal branch, said the industry is faced with many challenges, including a decline of scrap metals resulting from low recovery rate at home and slumping imports from abroad, as well as limited industry innovation and weak demand.
In the first three quarters of 2013, China produced 7.22 million tonnes of major secondary non-ferrous metals, down 5.1 percent from the same period last year, according to Wang.
The industry will optimize its structure and hone its ability for technological innovation, said Wang, adding that an international forum will be held in November to help enterprises tackle problems in their production and business operation

Hindustan Copper pays Dividend to GoI
   

Dinsha Patel, the Minister of Mines, received on behalf of the Government of India the dividend of Rs 83.27 crore from Shri K D Diwan, CMD, Hindustan Copper Limited, today at New Delhi.
R. Sridharan, Additional Secretary (Mines), Arun Kumar, Joint Secretary (Mines), Durga Shankar Mishra, Joint Secretary (Mines), Naresh Kumar, Joint Secretary (Mines), Puneet Kansal, Private Secretary to Minister of Mines and V.V. Venugopal Rao, Director (Finance), Hindustan Copper Limited were also present during handing over of the dividend cheque. In the Annual General Meeting held on 20.09.2013 Hindustan Copper Limited had declared a dividend of 20% on the Paid up Equity Share Capital for the financial year 2012-13. Hindustan Copper Limited in the financial year 2012-13 has recorded best ever Profit after Tax of Rs 355.64 crore since inception. HCL is paying dividend continuously to the Government since 2010-11.

ABB to supply three complete mine hoist systems to Hindustan Zinc in India
    ABB, the leading power and automation technology group, has won an order for three complete mine hoist systems including related shaft equipment, to help Hindustan Zinc move its production at the Rampura Agucha mine from an open-pit to an underground operation. The new hoist systems will enable Hindustan Zinc to reach and exceed their production targets.
“We are glad and proud to be the first choice of Rampura Agucha. The customer chose ABB thanks to our reliable, competitive technical solutions and strong track record of mine hoists in the world”, said Fredrik Sjöholm, Regional Sales Manager for ABB's mining unit in Västerås, Sweden. “This order opens up a new market for large mine hoists and paves the way for more large projects in the area of underground mining in India. The state-of-the-art technology applied on ABB's mine hoist systems can help our customers increase their productivity and improve their safety.”
ABB's scope of supply comprises, among other things, two friction hoists and one single drum hoist including both mechanical and electrical parts. ABB also delivers switchgears and power cables, as well as the complete shaft equipment for the mine hoists. These hoists will be delivered between 14 and 16 months after the signing of the contract which took place in June 2013.
Galdino Claro to appointed as CEO cum MD for Sims Metal Management Ltd.
   

The Chairman of Sims Metal Management Limited, Geoff Brunsdon, recently announced the appointment of Galdino Claro as Chief Executive Officer and Managing Director of the Company,
Geoff Brunsdon said “the appointment followed a comprehensive international search in which a number of excellent external and internal candidates were considered. Claro's background made him well suited to lead Sims Metal Management at this time”.
Mr Claro has nearly 30 years of global executive leadership experience in the worldwide metals industry. He has, most recently, since July 2010, served as Executive Vice President and Chief Executive Officer of Metals & Minerals at Harsco Corporation; a NY publicly-traded US$ 3 billion in revenues global provider of industrial solutions and engineered products with more than 400 locations in 50 countries.
Mr Geoff Brunsdon said, "I am delighted that Galdino has agreed to lead our Company. He has the experience and tenacity, as well as the personal qualities and vision, to make the difficult decisions necessary to steer Sims Metal Management through the global environment it confronts at this time, as well as positioning the Company for any recovery in international markets."
Mr Claro said, "I am honoured to be joining the Sims Metal Management team and look forward to building upon the Company's remarkable heritage and global reach. The Company has faced several challenging years, but I am excited about the opportunities that lie ahead."

Novelis increases prices for aluminum automotive sheet products in North America
   

Novelis, the world leader in aluminum rolling and recycling, today announced a price increase on its aluminum automotive sheet products in North America.
The price increase of $0.11 per pound for 6000-series, 5182-series and 5000-series automotive alloys will be effective for all new orders on or after January 1, 2014. Novelis fabrication pricing for specified volumes under current contracts will be honored throughout the contract period. The price increase is in addition to the previously announced pricing adjustment made on April 23, 2013.
"This increase reflects the dynamics of the rapidly growing market for aluminum automotive sheet in North America," said Marco Palmieri, Senior Vice President and President, Novelis North America.
"We officially commissioned our two new automotive sheet finishing lines in Oswego, NY, last month, which will increase our automotive capacity by 240,000 tons per year," said Palmieri. "That's five times our current automotive capacity in North America and an important milestone as we remain globally positioned to build on our supply and technology leadership in this important market."
In addition to the Oswego expansion, a new automotive sheet finishing plant is under construction in Changzhou, China, which is expected to commence production in mid-2014 and will have a capacity of 120,000 tons. The company also recently certified automotive sheet production at its Gottingen, Germany plant that will ultimately add 40,000 tons of additional capacity. These new locations will join the company's existing automotive facilities in Kingston, Ontario, Canada; Sierre, Switzerland and Nachterstedt, Germany.

India scrap prices declined sharply on Index
   

The scrap prices in India witnessed widespread decline on October 17th Thursday on the Scrap Monster Price Index. Aluminum Ingot prices fell by INR 1,000 per Ton. The price of Aluminum utensil scrap also saw decline of INR 1,000 per Ton. The prices of Brass sheet cuttings were down by INR 2000 per Ton at 333,000, when compared with prices the previous day.
Brass utensil scrap prices too got battered. The price fell by INR 2,000 per Ton from the previous day. Copper Armeture prices were down by INR 4,000 per Ton at 449,000 as on October 17th. Copper cable scrap, Copper sheet cutting and copper heavy scrap prices fell by INR 4,000 per Ton. Copper utensil scrap prices also witnessed a down move of INR 4,000 per Ton. The price of Copper wire bars too went lower by INR 5,000 per Ton.
Lead ingot prices edged lower by INR 1,000 per Ton to touch INR 128,000 per Ton as on October 17th. Nickel Cathode prices fell 0.64% during the day, falling by INR 6,000 per Ton. Tin slab and Zinc slab prices were down by INR 4,000 and INR 1,000 per Ton respectively.

DNA Precious Metals Inc acquires data resource on the Montauban mine
   

DNA Precious Metals Inc. announces that the Company has closed an agreement to acquire the complete geological data resource on the Montauban Mine, in addition to its October 22, 2013 press released "Binding Agreement to acquire an undivided one hundred percent (100%) interest for all of the Montauban Mine Property located in Notre-Dame-de-Montauban, Quebec, Canada".
The geological data, dating from the start of production in 1914 to the last exploration in 2011, consists of over 1000 reports, drill logs, geological maps of near surface deposits, maps of underground mine workings, digital files and a Gemcom modeling of the mine. The acquisition fast tracks the timeline on Montauban and enables DNA to immediately commence a NI 43-101 compliant report on the Montauban Mine, which currently has a non compliant historic near surface resource of over 1M tons of 3.4 g/t Au and approximately 1 ounce per ton silver as well as significant underground potential from this past producer.
“We are excited about the acquisition of the data resource assets due to the potential of the historical mineral resources. Over 1Mt of resource have been identified with historical drilling on the Montaban Mine project, which given its location, geology and metallurgy, could generate value for our shareholders," commented Ronald Mann, President and Chief Executive Officer of DNA Precious Metals. "These assets came to the attention of DNA through our research as we continue to focus on the development of our flagship Montauban Mine Project in Quebec, Canada and as we target updating our current resource estimate to define a mineable resource to bring into production.”

Philippines may raise export tax on nickel ore to 7% in 2014
   

The Philippines may raise export tax on its nickel ores from 2% to 7% in 2014, which will push up prices for the Philippine material, Shanghai Metals Market understands.
Philippines' Mines and Geosciences Bureau said the possible tax change is still under discussions, as most local mining enterprises oppose the rise, SMM has learned.
Secondly, the monsoon season, which usually starts from October and lasts till February or March, is coming to the Philippines. Exports are limited during this period as heavy rains disrupt ore mining and transportation, rendering tariff change meaningless. The seaborne nickel ore market is carved up between Indonesia, the Philippines and New Caledonia, according to Indonesian Nickel Association (INA). Indonesia remains a wild card in regard to its controversial ban on mineral exports from 2014. In 2012, China imported 29.9 million tonnes of nickel ore from the Philippines, accounting for around 46% of total imports that year, according to SMM data.

Novelis commissions expanded Latchford Recycling Plant
   

Novelis, the world leader in aluminium rolling and recycling, announced recently the commissioning of its expanded recycling plant in Latchford, Warrington in the UK. With an investment of approximately € 13.6 million (£6 million), the plant's capacity will increase by over a third and becomes Europe's largest closed-loop recycling operation for automotive aluminium rolled products.
“With the commissioning in Latchford, we are expanding our recycling capabilities and developing efficient manufacturing systems along our automotive supply chain,” said Erwin Mayr, Senior Vice President and President, Novelis Europe. “Responding to the realities of our increasingly resource constrained world and demands for a more sustainable economy, Novelis is transforming its business model to be largely based on closed-loop recycling.”
The Novelis Latchford plant currently employs approximately 135 people and processes 160,000 tonnes of aluminium annually. With the expansion to 220,000 tonnes, Novelis expects the centre to create more than 30 additional full-time jobs.
Much of the additional capacity will be directed to support the industry's growing demand for automotive aluminium sheet, particularly from Jaguar Land Rover (JLR), one of Novelis' long-standing customers. During the recycling process, the scrap is re-melted and cast into 10-12 tonne ingots, each saving approximately 100 tonnes of greenhouse gas emissions when compared to ingots produced from primary aluminium. This emerging closed-loop model reduces the environmental footprint of Novelis' operations and that of its customers, such as JLR.
This expansion will result in nearly 530,000 tonnes of greenhouse gas savings over the total aluminium value chain compared to using primary aluminium. Furthermore, the closed-loop model strengthens cooperative, long-term relationships with major global customers, driving the development of innovative, sustainable products and processes.
This project is the latest in a series of recycling expansion projects launched by Novelis over the past two years totaling approximately € 680 million. These projects are designed to increase Novelis' recycling capacity to 2.1 million tonnes by 2015 and help the company achieve its aggressive goal of increasing the recycled content of its products to 80 percent by 2020.

Aluminium better than Steel in Automobiles : ORNL
   

Choosing aluminium over steel in new automobile construction to improve fuel economy is also the best way to reduce energy consumption and carbon emissions, according to a new study. The study, conducted by the U.S. Department of Energy's Oak Ridge National Laboratory (ORNL), concluded that reducing vehicle weight with aluminium can result in the lowest total vehicle lifecycle environmental impact - cradle-to-grave - as compared to both traditional and advanced steels. “As the U.S. works to reduce dependence on foreign oil, promote clean energy and combat climate change, this report definitively documents why aluminum offers the most promise for cutting total automotive-related carbon emissions and energy use," said ORNL's Sujit Das, an expert on product lifecycle assessments.

Zinc higher by 0.3% as demand picks up

Zinc prices traded higher by 0.37% to Rs 120.50 per kg in futures market today as speculators enlarged their positions, driven by pick up in demand from consuming industries in the spot market. At the Multi Commodity Exchange, zinc for delivery in December traded higher by 45 paise, or 0.37%, to Rs 120.50 per kg in business turnover of 6 lots. Likewise, the metal for delivery in November edged up by 30 paise, or 0.25%, to Rs 119 per kg in 789 lots. Analysts said speculators enlarged their positions after pick up in demand from consuming industries in the spot market led to rise in zinc prices at futures trade.

Marubeni Corporation announces agreements for Chilean copper mining project
   

Minera Antucoya, one of the world's leading copper producers, has signed the loan agreements relating to the USD650 million projects financing for the development of the Antucoya copper mining project recently.
The Financing is being provided by Japan Bank for International Cooperation, Export Development Canada, KfW IPEX-Bank GMBH, Mizuho Bank, Sumitomo Mitsui Banking Corporation, Natixis (France), ING Capital LLC (the Netherlands), Corpbanca (Chile), and Banco del Estado de Chile (Chile). Through the arrangement of the Financing, the project risks inherent in the Project will be shared with these financial institutions. The Antucoya copper mine is located in the northern II Region of Chile, 180km northeast of Antofagasta City, and will be producing copper cathodes utilizing the SX-EW process. The total amount of copper ore reserves related to this project are estimated to exceed 640 million tonnes, and after the start of production in 2015, the project is expected to produce approximately 80,000 tonnes of copper cathodes annually over a period of approximately 20 years. There is potential sulphide ore in the under layer of this project, which could form the basis of future concentrate production as well.
Of this, Marubeni will be entitled to approximately 24,000 tonnes per year of copper cathodes, which corresponds to Marubeni's 30% interest in the project. Marubeni plans to contribute to the stable supply of copper resources primarily to Japanese cable and wire rod manufacturers based in Asia.

 Manganese ore exports via Port Hedland in October down strongly from September
   

In October this year, manganese ore shipments from Australia's Port Hedland totaled 129,738 metric tons, decreasing by 43.6 percent from 230,080 metric tons in September and down 8.5 percent compared to the same month of 2012, according to the monthly data released by the Port Hedland Port Authority. According to the released information, manganese ore shipments made from Port Hedland to South Korea, which had received no manganese shipments from Port Hedland in the previous month, amounted to 74,738 metric tons in October. China was the other export destination for manganese ore shipments from Port Hedland in October this year with shipments amounting to 55,000 metric tons, down 76 percent month on month.
Port Hedland handles production from mines owned by BHP Billiton, Fortescue Metals Group and Atlas Manganese in the manganese ore-rich Pilbara region of Western Australia.

Foseco India net profit stagnant during September quarter
   

Foseco India showcases a dismal third quarter results with net income declining but owing to its good track record announces a third interim dividend.
Foseco India, India's leading supplier of metallurgical chemicals for the ferrous and non-ferrous industry, has come up with their September quarter results period July 2013 to September 2013. The company reported a decline of 9.6% in total income from operations which stood at Rs56.29 crore when compared to Rs62.27 crore for the same period last year. The company's net profit stood at Rs4.90 crore this quarter compared to Rs4.86 crore for the same period last year. The total expense of the company including depreciation and amortisation expenses has come down marginally from Rs 55.41 crore in the third quarter ending at September 2013 to Rs49.88 crore for the same period this year, a moderate decrease of 10%.
The company has announced at its Board meeting on a third interim dividend of Rs4.50 per equity share of Rs 10 each. On Thursday, Foseco's shares closed at Rs480 which is down by 1.64% on BSE while the benchmark S&P BSE Sensex closed at 132.11 points down at 20,415.51.

SNL Metals Economics Group : Global Exploration Budgets for Non-ferrous Metals Drop 29%
   

Exploration budgets dropped from US$21.5 billion in 2012 to US$15.2 billion in 2013, SNL Metals Economics Group study found. Global exploration budgets for nonferrous metals across the board is estimated to have fallen by 29% in 2013, according to preliminary results from a new Corporate Exploration Strategies study by SNL Metals Economics Group.
Junior exploration budgets fell 39% year over year, with its share of overall exploration falling to 34% from an all-time high of 55% in 2007. "Since early 2012, junior companies have struggled to attract investor interest, and have been forced to rein in spending as their coffers become depleted," SNL said in an Oct. 24 statement.
Exploration budgets for major mining firms, meanwhile, dropped by 24% from 2012 levels, which SNL attributed to higher operating and capital costs, as well as shareholder pressure.
"Although most metals prices remain at or near 10-year averages, higher operating and capital costs, along with pressure from activist shareholders, have required major companies to focus on a return to healthy margins after years of growth-oriented spending," it said. However, budgets allocated to stable mining jurisdictions such as Canada and the U.S. dropped, with Canada-focused mining falling 41% and U.S.-centered mining dropping 38%.
SNL also predicted that the pool of early- and late-stage assets available for sale is "likely near an all-time high" as many companies face difficult financial and strategic choices, but noted that potential buyers — such as mid-tier producers, new industry entrants, or companies based in emerging economies — have yet to take advantage of that situation.

Taseko issues statement on panel report
   

Taseko recently issued the following statement in response to the Canadian Environmental Assessment Agency federal Review Panel report on the proposed New Prosperity Gold-Copper Project in the Cariboo-Chilcotin region of British Columbia:
The 323 page Review Panel report is detailed and we will be examining and considering its full content over the coming days.
Taseko is committed to protecting Fish Lake, and fish habitat, and we strongly disagree with the panel's findings related to the potential impact on the water quality, fish and fish habitat of Fish Lake. Taseko will challenge these findings as they contradict best practices in place around the world today and expert opinion and analysis.
The report in most respects agrees with our assessment that there would not be significant adverse effects. The risks are modest and the social and economic benefits are enormous. The local governments and many citizens of the region made this very clear throughout the panel process.
With any major project there will be different views and some trade-offs, but we are confident the federal government can and will approve this project.
Taseko has also made significant commitments during the environmental assessment and is committed to further addressing any outstanding issues during permitting. During the course of the panel process, Taseko expressed a number of concerns about the fairness of the process and will be reviewing the report carefully against those concerns.
This project must go ahead and will be of enormous benefit to British Columbia and Canada. It will provide thousands of person years of employment and billions of dollars in new tax revenue. It is for the government to make this decision - the panel just provides its report and views.

African Copper Plc : Production for the Q2 of Fiscal 2014
   

Despite the production issues African copper plc. experienced in the second quarter, ore processed in the first half decreased by only c. 12% to 373,274Mt compared to last year's first half while copper produced in concentrate increased by c. 10% to 4,937 Mt for its Mowana and Thakadu Mines.
Poor mining contractor performance at Thakadu resulted in decreased sulphide ore supply to the process plant and increased oxide ore treatment. Copper recovery decreased to 60.4% from 83.6% during Q1 FY2014 and from 63.4% during Q2 FY2013. Plant downtime impacted the amount of ore processed following the installation of a new primary crusher in July and repairs to the ball mill motor in August and September. During the quarter 192,041Mt of ore was processed compared to 181,233Mt during Q1 FY2014 and 250,022Mt during Q2 FY2013.
Jordan Soko, Acting Chief Executive of African Copper, said: "We continue to focus on improving plant efficiency and increasing throughput to raise production levels further towards capacity. Our progress continues."The upgrade of our processing facility continued during the quarter with a new primary crusher installed over a five day period at the start of July. During this period, the team took the opportunity to carry out extensive plant maintenance and clean up.
The principal reason for the drop in recoveries and copper in concentrate produced during this quarter was shortage of high grade sulphide ore from the Thakadu pit. This is directly attributable to the poor performance of the mining contractor in stripping the required amounts of hanging wall waste to expose high grade blocks of sulphide ore. As a result, only 73,960 Mt of Thakadu sulphide ore at 1.08% Cu was mined and processed, compared to Q1 FY 2014 when 181,233 Mt of Thakadu sulphide ore at 2.03% Cu was mined and processed.

  Mahendra Shah to head Bombay Metal Exchange
    Recently new panel of Board of Director of the Bombay metal exchange has been elected for 2013 – 15 where in Mahendra H. Shah, who had served the exchange as Director since 1999, became Vice President in 2005 and Sr. Vice - President since 2009 has been unanimously elected as President of the Exchange for the year 2013-15. While Hemant K. Parekh was elected as SR- Vice-President and Rikhab V. Mehta was elected as VICE-PRESIDENT for the board.
The names of the 16 Directors for 2013-15 are Mahendra H. Shah, Hemant K. Parekh, Rikhab V. Mehta, Ashok G. Bafna, Sushil R. Kothari, Ashwin S. Shah, Shripal R. Morakhia, Sandeep T. Jain, Dhawal K. Shah, Sitalkumar T. Agarwal, Vijay M. Agarwal, Kishore S. Jain, Jayantilal M. Bafna, Hiten D. Mehta, Rajeev B. Khandelwal, and Kushalraj B. Jain
  Amerigo's Q3-2013 copper production was 16% higher than Q2-’13
    Amerigo Resources Ltd to announce production results for the third quarter of 2013 from Minera Valle Central the Company's operations located near Rancagua, Chile. MVC produced 11.035 million pounds of copper and 0.193 million pounds of molybdenum during the three months ended September 30, 2013. Dr. Klaus Zeitler, Amerigo's Chairman and CEO, stated, "Q3-2013 copper production was 16% higher than Q2-2013, and is expected to show continued improvement in Q4-2013. Discussions are ongoing with respect to both the finalization of the formal agreement and the debt financing for the Cauquenes expansion project.”
  World Aluminum Market at 86.5 million metric tons by 2017: Report
    World demand for aluminum (including primary and secondary/recycled) is forecast to expand 5.9 percent per annum through 2017 to 86.5 million metric tons. China will pace growth and increase its share of global demand from 43 percent in 2012 to 48 percent in 2017.
Demand will strongly increase in all developing regions, with the Asia/Pacific region leading the way. Rising disposable incomes in developing countries will result in a healthy expansion in demand for key aluminum consuming products such as motor vehicles, food and beverage packaging, and durable goods.
The construction market will post the strongest growth and remain the primary user of aluminum, with gains benefiting from recovery in the housing sectors of a number of developed nations as well as rapid increases in construction spending in the developing world as a result of strong economic growth and urbanization. Even in mature developed countries such as the US, recent bridge collapses suggest that the replacement of older, nonbuilding infrastructure is of utmost urgency, and will benefit aluminum demand as a result.
Aluminum usage in the motor vehicle market will continue to benefit from what is now essentially a global trend of car manufacturers striving to increase the average miles per gallon of their fleets by reducing the average weight of each vehicle. Aluminum is significantly lighter than steel, and aluminum use per motor vehicle is expected to rise from a global average of 120 kilograms/vehicle in 2012 to 132 kilograms/vehicle in 2017. In most developed countries, this ratio is already higher. Motor vehicle aluminum demand in developing countries will also benefit from the opportunity for rising car ownership rates. For example, in 2012, there were 801 vehicles in use per thousand persons in the US, compared to 81 vehicles per thousand persons in China, and only 22 vehicles per thousand persons in India.
  Novelis invests $200 million in New York plant for automotive sheet
    Novelis, recently commissioned a $200 million expansion of its rolling operations in Oswego, NY. The expansion increases the company's North American capacity for producing aluminum sheet for the automotive industry by 240,000 tons, five times the company's existing capacity in the region.
"This automotive expansion in North America is an important piece of our global strategy in a market that is experiencing explosive growth," said Phil Martens, Novelis President and Chief Executive Officer. "We are aggressively increasing our capacity to produce automotive sheet worldwide and we are well-positioned to extend our leadership in this strategic market segment," added Phil Martens.
Novelis began construction on two new high-performance aluminum processing lines for automotive applications at its Oswego facility in 2011 in response to escalating demand for automotive aluminum sheet in the United States. The company added more than 100 jobs at the Oswego plant as a result of the expansion.
“This $200 million expansion project by Novelis provides vital economic development for Central New York – creating more than 100 permanent jobs and bringing significant private investment to the community,” Governor Andrew M. Cuomo said. “Novelis' commitment to the region is further evidence that Upstate New York is open for business, and I look forward to the company's continued presence in Oswego.”
"Today's commissioning marks an important milestone in Novelis' ongoing commitment to serving the automotive industry," said Marco Palmieri, Senior Vice President and President, Novelis North America. "Intensive use of aluminum in vehicles is growing more than 25 percent a year. Not only does this expansion allow us to respond to the rapidly increasing demand for aluminum automotive sheet, it also plays a key role in our ongoing recycling efforts to further improve the sustainability of aluminum in vehicles.”